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Tag: CBN

New naira note: CBN insist on January 31st deadline
Banking

New naira: Experts hail CBN for deadline extension

Oluwanifemi Ojo     Financial experts have commended the Central Bank of Nigeria for the decision to shift the deadline that was set to phase out the old notes from December 31 to February 10.   Following the plea made by key stakeholders across the country, the 36 state governors, the Arewa Consultative Forum, traditional […]

CBN fines banks N1m daily over refusal of new naira
Business

New naira: Business activities lag in Anambra over scarcity

Oluwanifemi Ojo   The residents of Anambra have gathered in banks and markets across the region’s major cities following the January 31 deadline set for the old nkte to stop being a legal tender.     The Punch observed while moving across different regions and some part of Awka on Saturday that traders have been […]

Appeal Court overturns Emefiele’s asset forfeiture order
Economy

New naira: No reason to shift Jan 31 deadline, says CBN

Oluwanifemi Ojo   The governor of Central Bank of Nigeria has again stated that the deadline for phasing out the old note remains January 31.   This was said in a video from the just concluded Monetary Policy Committee held on Saturday. The video was posted on the verified Twitter page of CBN stating that […]

New naira note: CBN insist on January 31st deadline
Economy

New naira: Buhari assures Nigerians of speedy circulation

The President, Major General Muhammadu Buhari (Ret’d.), has assured that the government will ensure that citizens are unharmed in their businesses and no disruption is caused to the entire supply chain arising from the imminent deadline of the new naira swap.   Buhari gave this assurance in a statement issued by the Senior Special Assistant […]

New naira note: CBN insist on January 31st deadline
Banking

We’re not hoarding new naira, banks debunk CBN’s claims

Oluwanifemi Ojo   Commercial bank operators in Nigeria have disputed assertions made by the Central Bank of Nigeria that they are hoarding naira notes despite having enough supply.   The claims of the Central Bank of Nigeria were countered by the officials of commercial banks that appeared before the ad hoc committee of the House […]

News

How CBN raised interest rate from 11.5% to 17.5% in eight months

  The Central Bank of Nigeria has raised its benchmark interest rate five times since May 2022. The bank had retained its 11.5 percent interest rate for six years before the consecutive increases that happened from May 2022 to January 2023. During this period, the Monetary Policy Rate was raised from 11.5 percent benchmark to […]

Senate ask CBN to extend deadline of new naira note
Banking

Extend old, new naira deadline, NLC urges CBN

Wilson Adekumola     President of the Nigeria Labour Congress, Comrade Ayuba Wabba, on Thursday, has urged the Governor of Central Bank of Nigeria, Godwin Emefiele to extend the date for the expiration of old naira notes adding that it would affect the lives of people in the rural areas.   Comrade Wabba made this […]

Monarchs begs CBN to extend old naira deadline
Economy

CBN raises interest rate to 17.5%

  The Central Bank of Nigeria has raised the Monetary Policy Rate, which measures the interest rate to 17.5 per cent. The CBN Governor, Godwin Emefiele, announced this after the apex bank’s Monetary Policy Committee meeting in Abuja on Tuesday. Channels reported that the MPC raised the monetary policy rate by 100 basis point to […]

CBN fines banks N1m daily over refusal of new naira
Banking

New naira: 50% unbanked Nigerians may lose savings, says report

Oluwanifemi Ojo   A new report by the Inclusion for all Initiative predicts that over 50 percent of Nigerians without access to banking services could lose their savings as the deadline for the naira exchange announced by the Central Bank of Nigeria approaches.   The CBN Governor Godwin Emefiele, announced the introduction of the new […]

New naira note: CBN insist on January 31st deadline
Business

New naira: Customers flood Kebbi bank one week to CBN deadline

  As the deadline for the use of old naira notes draws closer, some customers in Birnin Kebbi, Kebbi State capital, on Monday, flocked to banks to deposit or withdraw cash and voiced concerns about the new naira notes’ limited availability. According to The Punch, many customers complained that they have been there for more than […]

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